Markets took a nose dive going into the close this afternoon, giving back all of this mornings gains and setting up some great shorts off key resistance levels waiting overhead…
But out of all the clues I'm seeing on the charts tonight, the mo…
Markets took a nose dive going into the close this afternoon, giving back all of this mornings gains and setting up some great shorts off key resistance levels waiting overhead…
But out of all the clues I'm seeing on the charts tonight, the most important are these three wedge patterns because those patterns always seem to give me the best entries and exits – are you seeing these too?
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Crude Oil is bearish and just broke through the low of today’s wedge pattern, which tells me to expect a sideways range down at 56 tomorrow morning…
And with all this bearishness on Oil, I'll bet there are plenty of sellers waiting to short the next deep pullback, so I’m waiting for a bounce into a buyer-failure for a short back down again.
E-Mini S&P is bearish and back into the range from yesterday afternoon, which tells me to look for sell setups up above the range high using a simple buyer-failure pattern tomorrow morning…
But what if this move keeps going? It certainly might, and if so, I'm looking for a 2try try pattern to short down to the pendulum-swing target at 3303.
Nasdaq is bearish with a strong move back into yesterday’s range, which tells me to sit-on-hands for now, waiting to sell above the highs using a buyer-failure pattern…
And just like the Emini ES, if price continues to run lower overnight, my goal is to get short using “traps” above swing-highs before we finish the re-test of the major lows around 9100.
Gold is bullish and trading inside a wedge pattern, which should be traded similar to a range; buying low, selling high, and avoiding the middle…
Knowing this, the bulls have the edge, so I'm looking for seller-failures to get long below the wedge, or “nested” failure patterns to sell above the wedge, making sure I have..
